Signatory Guaranty Agreement Template Made Easy

Digisign guaranty agreement

you have been getting your lists you've been making your calls and now you are ready to lock up a cellar but you don't have a contract what contract should you use well now you're gonna have that contract check this out [Music] welcome back everybody it is Brent Daniels and before I get into this video about the purchase contract to use on a wholesale deal I first want to go and pick out the two people that we picked out of the hats that are gonna get the TTP fan the TTP shirt thank you all for following along I really appreciate it thank you for commenting the first one goes to Julian Colvard Julian we are sending you a hand so make sure that you get in touch with Alejandra we're gonna send it your way next is gonna be Ken Fulton Ken and Julian getting some TTP gear guys as always comment down below give me some give me some questions give me some give me some meat and potatoes down there in the comments subscribe and hopefully I'll be sending you some TTP gear now let's get back into this video about the purchase contract now here's the thing number one Here I am going to link down the purchase contract that I use in the state of Arizona listen to me carefully you take this this is just a skeleton of a kind of a contract used to take this and take it to a real estate attorney and make sure that your state specific information is in this contract okay this is vital okay make sure that you are compliant and just take it to an attorney cost it maybe a couple hundred bucks you can't do it it'll be so so worth it but this is an example of something that you can use now in this contract we keep it very simple just two pages and then the third page is just one that is for information so that the title company can easily get ahold of the seller okay this is just their their contact information on page three it doesn't have to be complicated now if you're a realtor out there and you're used to using 15 pages of contract this is going to seem very foreign to you but I have used this time and time again I have used a realtor contract and I have used this contract typically with motivated sellers that are in distress remember we're talking to distressed property owners here you use a purchase contract that is easy plain language doesn't have a lot of junk thrown in there that is typical with a realtor contract now obviously talk to a real estate attorney make sure you have all the information that you need for your state-specific now let's get into us it would in the beginning it just has the seller and the buyer clearly laid out and then we talk about and then it goes into the address and it goes into the legal description and the Assessor parcel number listen to me that sounds crazy ap and all it is is the tax ID for the property address every every property here in America if you're not on some sort of weird territory or maybe a reservation or something has a APN number a tax ID number so that they can get property taxes that support things like schools and fire departments and police and all other sort of social programs so make sure that that is part of your contract because it makes sure that you are that everything's in line the legal description is aligned the APN numbers the line and the address is in line because sometimes the tax number and the address don't match up so you want to make sure you know what you are purchasing and the title company knows what you're purchasing next earnest money some people don't put it on any earnest money some people put dollar some people put ten some people put a thousand it just depends on how comfortable your seller is with the process now earnest money is just money that you were giving to the sell giving to the title company and saying hey I'm serious about purchasing this property flip it around a little bit if somebody was buying a property from you how would you know that they were serious we talked about on this channel when you wholesale it's not a serious cash buyer unless they put $5,000 earnest deposit non-refundable down well it's the same type of thing it's a little bit of skin in the game that says hey I do want to buy this property I am serious here's here's some money that I'm going to put down to make sure that I secure this deal okay now you can go with done you can go you can go mm check with I mean you could go with whatever number check with your state see if you need to put actual money down to make the contract enforceable most you do not protect with your attorney okay close of escrow close of escrow if you're not familiar with that term that's basically the date that everything closes that the that the contract and the and the deed transfers for I'm sorry not the contract the deed transfers from the seller to the buyer that's the closing date see oh is what it's commonly referred to close of escrow all that is is the day that hopefully you are getting paid that the new buyer has their property or maybe you have the new property if you're buying it for yourself TTP is not only about wholesaling it's about everything building up your portfolio getting a property to buy and live in yourself flipping properties whatever it is so that is the date where it transfers from the old seller to the new buyer and that person becomes the owner okay the escrow company this has all the info on the escrow company the name the contact information the escrow officer this could also have the information if you weren't in a attorney state this could give the information of the attorney that is going to be doing the closing okay closing terms and conditions here in this thing what we do here in the closing terms of condition is we explain that all of the title and escrow fees all of the closing fees are responsible for from the buyer so what you want it what you're looking for here is when it comes to the purchase price on here and I kind of skipped that of course for the purchase price up at the top but that purchase price is typically a net to the seller except for in the closing terms and conditions it talks about that they Oh any liens that they have in the property or property taxes okay then they get the net from there so they need to subtract those two numbers this is getting a little dry but I'm talking about a contract here it's a little bit you know it's not as exciting as most of these videos but it is important to know so that you can feel confident when you have confidence then you could be committed to going out and giving these deal right okay so in this we talk about all the things that the buyer sells about pays for all the things that the seller's responsible for and then we put in here that this contract is assignable okay that you can assign this contract access and inspections to the properties we say say that the shower shall make property accessible to the buyer buyers partners agents assignees contractors lenders appraisals prior to closing buyer may market the property prior to the close of escrow this is important we go through this contract with the sellers that we're working with because we want to make sure that they understand what we're trying to do we explain to them if we are gonna wholesale the property that that's exactly what we're gonna do we're very open and honest with them if you're open and honest with people off the bat they appreciate it okay we've never had too much friction to where we lost the deal if it got to that point we would just close it and get done with it okay property is sold as is this makes it very clear plain language to the seller because that's one of their main concerns I don't want to have to fix up this property so the property is in buying it as is if you are an agent you have to disclose it at least in the state of Arizona so check that out and the rest of it is just kind of boilerplate attorney fees the entire griemann is complete between two parties that everybody understands that there there's no duress or anything so it's really simple guys it's a two-page contract to put it down below use it as a guide don't use this contract specifically use it as a guide get it tweaked and turn by your attorney so that it can be perfect for your market but here are the basics you the seller the information about where the property is located the price earnest money closing dates who pays from what costs as is and really any disclosures that you have if you are an agent or something like that it's simple to pages literally they have to sign one place and put their contact information it is awesome but make sure you check with the attorney that's like fifth or sixth time because you could be watching this all over the place I don't know where you're watching this from I hope you're watching it from all over the country but make sure that you check with the attorney take it as a guide say hey can you make sure this is compliant in our state and boom you are off and running I'm giving you no excuses not to talk to people giving you no excuses not to get really really great opportunities really huge deals in your marketplace I'm pulling all of them out I'm giving it all away like Red Hot Chili Peppers baby give it away get away get away now anyway you guys are the best comment down below if you have any questions I love all you guys that are subscribing and hitting the alerts because we put out three videos every single week and you know they are on fire so thank you so much for watching until next time love you see it TTP [Music]